Energicity, a leading developer and operator of solar minigrids in Africa, has secured a construction finance facility of up to $3 million from Mirova SunFunder, a pioneer provider of climate finance in emerging markets and an affiliate of Mirova, a global asset manager dedicated to sustainable investing.
The facility will be used to finance the deployment of solar minigrids in Liberia. Energicity expects to deploy over 2MW of new installed solar capacity across Liberia utilizing the loan facility. This will significantly increase access to clean energy in the country. The facility will be used for the construction of transformative power infrastructure capable of providing clean and affordable energy to over 4,000 households and businesses in 10 rural communities in Liberia. This is the first ever financing for minigrids in the country. The project is expected to generate significant economic benefits for the local communities.
For Mirova SunFunder, this is another milestone in expanding their provision of debt facilities in West Africa through their Solar Energy Transformation (SET) Fund[1]. The fund manager is working to further accelerate the adoption of renewable energy and climate solutions in Sub-Saharan Africa and other emerging markets.
In Liberia, only 1 in 5 people have access to electricity, according to World Bank data. The majority of the population relies on firewood and other biomass sources for cooking, which is a major source of indoor air pollution, deforestation and poverty.
“We are delighted to partner with Mirova SunFunder to finance the provision of reliable, low-cost and environment-friendly power to some of the most underserved markets on the planet. This project will have a transformative impact on the lives of thousands of people by providing them not only with access to clean affordable energy, but also with opportunities to transform their lives and that of their families through our innovative wealth creation solutions.”
Guy-Bertrand Njoya, Chief Financial Officer of Energicity
“We are proud to support Energicity’s work to bring clean energy to underserved communities in Liberia. This project is a testament to the power of solar energy to improve lives and create a more sustainable future.”
Rim Azirar, Mirova SunFunder's Deputy Head of Investments - Emerging Markets
[1] SET is a Delaware registered LLC (Limited Liability Company), closed to investors. Mirova SunFunder is the management company. Supervisory authority approval is not required for this funding vehicle.
See the media release for further detail and notes.